According to information acquired by our correspondent, certain commercial banks in Nigeria started issuing the old N500 and N1000 Naira notes on Monday.
A resident of Ilorin, Kwara State, revealed to us that he received some old N1,000 notes from Guaranty Trust Bank’s ATMs along Umar Audu Road, across from University Road Junction, Tanke, GRA, Ilorin.
This was confirmed by a banker who also spoke to our correspondent.
He claimed that although some banks had begun issuing the old notes, his bank had not received approval as of yet due to questions about the notes’ legal tender status in the nation.
A bank in Kano and no less than three banks in Abuja distributed old N500 and N1000 notes to customers on Monday, according to the Daily Trust.
Recall that the Nigerian Supreme Court ruled that the Federal Government’s old N500 and N1000 notes should continue to be used in commerce until December.
However, the Central Bank of Nigeria (CBN) has not yet responded to the Supreme Court’s ruling on the policy that has caused hardship for Nigerians in recent weeks.
President Muhammadu Buhari’s order to the Central Bank of Nigeria (CBN) to redesign and withdraw previous notes of N200, N500, and N1,000 without consulting the states, the Federal Executive Council (FEC), the National Council of State, and other interested parties was unconstitutional, according to a unanimous decision by a seven-member panel of justices chaired by Justice Inyang Okoro.
The CBN Act stipulates that reasonable notice must be given before the policy’s adoption, and the Supreme Court noted that no such notice was given.
